(MENAFN) The UAE announced it has approved its 2015 budget, with USD13.35 billion being approved as a balance budget, which is up 6.5 percent compared to 2014 budget, due to projections of no deficit and an increase in income and public spending, Arab News reported.
The UAE cabinet said that 49 percent of the budget will be used for social development projects as well as other benefits for UAE citizens, while the other USD5.45 billion will be assigned for government affairs and upgrading the services.
The cabinet said that the budget does not include oil revenues and that it will be mainly focused on administrative spending, public services, and wages for federal employees
.
The UAE, which has a population of about eight million people, more than 80 percent of them are expatriates, is one of the wealthiest countries in the world and has crude oil reserves estimated at 97.8 billion barrels, which helps the country pump out around 2.7 million barrels per day.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.